Australian blockchain gaming company Immutable has carried out its second round of layoffs, reducing its workforce by 11%, according to the Sydney Morning Herald.
The move was made to extend the company’s runway and prioritize its key projects, according to a note from CEO James Ferguson.
Immutable plans to outsource the development of traditional game aspects to external partners and focus on web3 components, as well as reorganize its divisions.
This round of cuts follows a round in July 2022, which saw more than 20 employees, or 8% of its workforce, laid off. Immutable is a pioneer in blockchain and NFT gaming, having raised $200 million in Series C funding in March, with a valuation of $2.5 billion.
The company has previously received backing from high-profile investors such as Tencent, Temasek, and Coinbase Ventures.